Thank you Alicia. I apologize for the lack of clarity. My problem is with the K-1 box 19 code C entry. Turbo Tax wants a single "distribution" amount. My K-1 instead has two figures, a "Fair Market Value" ($29K) which is what really was the investment to the new REIT, and a "Partnership's Adjusted Basis" ($36K). If I enter the FMV and finish the return there are no errors. But this does not capture the reality that there is a loss, which I think is roughly the $29K minus the $36K, or about $7K. So I wonder if just entering the FMV as the value will get me into trouble further down the line, or misses a deduction. Is there something to do other than enter the FMV as the distribution? Thanks for your attention.
